By Kira Nickerson Stuart O'Gorman, co-manager of Scottish Equitable technology is to join Henderson...
By Kira Nickerson
Stuart O'Gorman, co-manager of Scottish Equitable technology is to join Henderson Global Investors.
O'Gorman, who runs the £297m fund alongside Paul Kleiser, has been with the group since 1996 and became co-manager of the frAA-rated fund in January this year. He is to leave the group at the end of the year.
Last month Investment Week reported that the technology team of Kleiser and O'Gorman, at Scottish Equitable had turned down a joint offer from Henderson Global Investors, following the departure of its technology fund managers Tim Woolley and Brian Ashford-Russell to set up an investment boutique. However, Investment Week understands Hendersons has since made a subsequent offer to each of them individually.
Scottish Equitable Asset Management (SEAM) declined to comment on the future management of its technology fund and, at the time of going to press, it was unclear as to whether Kleiser is staying with the group. Henderson Investors also declined to confirm any other appointments apart from O'Gorman. Kleiser is likely to take control of the Scottish Equitable technology fund following O'Gorman's departure. Kleiser, who has been with Scottish Equitable since 1971, launched the fund in August 1985 and is one of the longest continually serving fund managers on a technology fund in the UK.
John Chatfeild-Roberts, director of Lazard Asset Management, said: "O'Gorman is young and enthusiastic and he will have benefited from working with Paul Kleiser. We own both the Henderson and Scot Eq funds and from our point of view it is probably good news for Hendersons. O'Gorman has concentrated on the smaller cap and newer industry end of technology while Kleiser tends to concentrate on the larger cap." Henderson Global Technology unit trust is more large cap orientated, Chatfeild-Roberts said, whereas Henderson Horizon Global Technology fund, a Luxembourg Sicav, is more small cap orientated.
SEAM is looking to recruit additional managers to both its technology and US teams. The group has a team of eight who work on the fund and it is possible Scottish Equitable will recruit from within as well as looking externally.
O'Gorman was originally part of the US desk, working alongside Neil Smeaton, who resigned from the group earlier this month to run a hedge fund. O'Gorman and Kleiser are both responsible for selecting the technology stocks for the frAAA rated Scottish Equitable American fund.
Ashford-Russell and Woolley, both of whom have worked on Henderson Global technology since the 1980s are setting up a boutique in the new year. Henderson Global Technology investment trust will continue to be run by the two but their boutique will look to offer other, smaller technology funds with a cap on the assets.
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